artificial intelligence technology company BigBear.ai released its financial report for the fourth quarter and fiscal year 2021, as well as expectations for the year ahead.
The Columbia, Md.-based company disclosed Thursday that its fourth-quarter revenue was $33.5 million and full year turnover reached $145.6 million in 2021.
“Our government enterprise continues to thrive, providing a strong foundation for R&D innovation in areas that resonate with both the public and private sectors,” commented the CEO of BigBear.ai. Dr Reggie Brotherswhich is twice Wash100 Price winner as well as a key member of Executive Mosaic’s GovCon Expert program.
Brothers also said international political developments have spurred growth and interest in the company’s “technical solutions, operational support and expert advice.”
During the year, BigBear.ai added four new major executives to its team, received nine new major contracts, and completed a business combination with GigCapital4 that resulted in the company’s IPO.
The company said its backlog at the end of 2021 was $465 million, with a gross margin of 23% for the year and 11% for the fourth quarter. CFO Josh Kinley attributed the large backlog to a series of new business transactions, accounts receivable and contract awards.
Kinley also said the company’s EBITDA ($2.3) million for the fourth quarter was the result of a handful of contract awards “pushed into future periods” due to delays. BigBear.ai’s EBITDA for the full year was $4.9 million.
BigBear.ai expects revenue of between $175 million and $205 million by the end of fiscal 2022 with a target of $20 million in commercial revenue. The company is also targeting a positive Adjusted EBITDA figure.
“We expect to significantly increase revenue from commercial customers, positioning the company for sustainable, highly profitable revenue in a growing addressable market,” noted GovCon Expert Brothers, adding that the company will use “mergers and acquisitions strategies”, among other strategies, to meet their annual objectives.
A major contract BigBear.ai won in 2021 was a US Army award in December for its work in global force management and data-driven decision-making.
“We hope to bring these capabilities to other government agencies and the commercial sector. I think automating and speeding up process management is something both private and public sectors can use,” Legge said.